May 3, 2022, Item #7
AGENDA REPORT CityofPoway
DATE:
TO:
FROM:
CONTACT:
SUBJECT:
Summary:
May 3, 2022
Honorable Mayor and Members of the City Council
Aaron Beanan, Director of Finance~
Aaron Beanan, Director of Finance
(858) 668-4411 or [email protected]
City's Investment Report as of March 31, 2022
CITY COUNCIL
Quarterly reports of investments are required to be presented to the City Council per state code and the City's Investment Policy. For your information, attached is an investment portfolio report as of March 31, 2022.
Recommended Action:
It is recommended that the City Council accept and file the attached report.
Discussion:
Pursuant to Government Code Sec. 53646(b)(1) and the City's Investment Policy, the Director of Finance (i.e., Treasurer) renders a quarterly investment report to the City Council concerning the investment portfolio's earnings and performance results. In accordance with the Investment Policy, the quarterly report includes information such as the investment type, issuer, date of maturity, par value, amount invested, current market value, and the source of the market value information.
The City is in compliance with its adopted investment policy, and the City's investment program provides sufficient liquidity to meet its cash flow requirements for the next six months. The fair value of the City's investment portfolio as of March 31, 2022, was $132,360,275. It consisted of the following:
Investment Portfolio Total
Cash $20,425
Deposits at CalTRUST 22,853,051
Deposits at the Local Agency Investment Fund (LAIF) 34,226,662 U. S. Treasury Notes 26,110,692
U. S. Instrumentalities 28,616,701
Corporate Notes 20,532,744
Fair Value of Investment Portfolio as of March 31, 2022 $132,360,275 1 of 31
May 3, 2022, Item #7
The City's portfolio balance increased by $8.3M between December 31, 2021 and March 31, 2022 as the result of a timing issue. A debt service payment was made in December 2021 and the funding for that payment was not received until January 2022. It is the City's practice to keep funds (including those identified to pay for Capital Improvement Projects) invested and earning interest until they are needed. In addition to changing market conditions, reductions in the fair value of the Investment Portfolio can also be reflective of payments for large capital projects.
The attached portfolio report (Attachment B) and investment report (Attachment C) were prepared by the City's investment manager, Insight Investment, with input from the City's Finance Department. The portfolio report includes all investments while the investment report includes only those investments managed by Insight Investment.
All City funds, including the General Fund, Water Fund, Wastewater Fund and others -except those identified in Attachment D, are pooled and invested, with earned interest allocated quarterly based on the average daily cash balance in each fund. The funds on deposit at LAIF and CalTRUST earn interest at variable rates. The interest rate for the month ending March 31, 2022, is estimated at 0.37% for LAIF, 0.32% for the CalTRUST short-term fund, and 0.67% for the CalTRUST medium-term fund.
For fixed income securities, the difference between amortized cost and fair value is considered an unrealized gain or loss. A realized loss is when the principal of the security is redeemed before its maturity date at a fair value lower than its amortized cost value. The amortized cost value of the externally managed investment portfolio is $76,255,593; the fair value is $75,280,562 for an unrealized loss of $975,031 or -1.28% of the total amortized cost value. The source of the fair value information for the U.S. Treasury Notes, the U.S. Instrumentalities, Corporate Notes, and Municipal Bonds is Interactive Data Corporation.
Also included with this report are recaps of the City's cash and investments held by fiscal agents, non managed investments, and cash on hand. The total book value of the cash and investments held by our fiscal agent, U.S. Bank, at March 31, 2022, was $464,896. The source of the market value information for these investments was U.S. Bank. The total book value of the non-managed investments was $98,129 at March 31, 2022. The City's cash on hand at March 31, 2022 totaled $1,275,071.
The March 31, 2022 balance of the City's Library Trust Fund was $259,109. Through the Fiscal Year 2021-22 period ending March 31, 2022, no transfer of interest earnings has been made to the General Fund. At the close of Fiscal Year 2021-22, 90% of the Library Trust Fund's interest earnings will be transferred to the General Fund to partially offset library operating expenses.
Environmental Review:
This action is not subject to review under the California Environmental Quality Act (CEQA).
Fiscal Impact:
The externally managed investment portfolio earned $132,583 interest during March 2022, as well as $110,588 interest during February 2022, and $124,508 during January 2022. Fees for investment services during this period totaled $8,492.
2 of31
May 3, 2022, Item #7
Public
Notification:
None. Attachments: A.
Investment
Statistics
B.
Investment
Portfolio
Report
prepared
by
Insight
Investment
C.
Investment
Report
Prepared
by
Insight
Investment
D.
City
of
Poway
Investments
and
Cash
with
Fiscal
Agent;
General,
Payroll,
and
Petty
Cash
Report
at
March
31,
2022
Reviewed/
Approved
By:
Assistant
City
Manager
3 of
31 Reviewed
By:
Alan
Fenstermacher
City
Attorney
Approved
By:
~ City
Manager
May 3, 2022, Item #7
City of Poway
Investment Statistics
Separately Managed Investment Pools
Fair Value:
CalTRUST Short-Term Deposits
CalTRUST Medium-Term Deposits
Deposits at the Local Agency Investment Fund (LAIF)
Total Fair Value
Weighted Average Yield
Effective Average Duration in days
Weighted Average Maturity in days
Externally Managed Investment Pools
Fair Value:
Cash
U. S. Treasury Notes
U. S. Instrumentalities
Corporate Bonds
Total Fair Value
Amortized Cost Value:
Cash
U. S. Treasury Notes
U. S. Instrumentalities
Corporate Bonds
Total Amortized Cost Value
Unrealized Gain (Loss)
Accrued Interest Earned
Weighted Average Yield
Effective Average Duration in years
Weighted Average Maturity in years
Total Fair Value of Portfolio Assets
Weighted Average Yield
Effective Average Duration in years
Weighted Average Maturity in years
Glossary of Yield Terminology
March
2021
11,449,885
11,794,038
22,447,798
45,691,721
0.38%
1 1
10,725,199
36,099,830
21,622,891
68,447,920
10,421,241
35,392,712
21,083,224
66,897,177
1,550,743
145,523
1.76%
1.84 2.01
114,139,641
1.21%
1.10 1.21
December
2021
11,442,789
11,744,381
33,912,075
57,099,245
0.24%
1 1
213,218
15,853,027
29,733,396
21,100,020
66,899,661
213,218
15,789,778
29,480,781
20,881,599
66,365,376
534,285
132,480
1.43%
1.53 1.67
123,998,906
0.88%
0.83 0.90
Coupon: A
bond's coupon is the periodic interest payment made to the holder of the fixed income security during the life of the bond. Coupon payments can be made monthly, quarterly, or annually.
Book Yield: The Book Yield is that rate of return that will make the present value of the future cash flows of a fixed income security equal to the price paid for the security. This assumes that the security will be held to its maturity.
Current Yield: Annual rate of return on an investment expressed as a percentage. Current Yield of a fixed income security is the annualized earnings (coupon) divided by the bond's market value as of the valuation date.
One Year Total Yield: The One Year Total Yield or One Year Return represents the portfolio's percentage change over a year's time, factoring in interest payments, changes in market value and reinvestment of distributions.
March
2022
11,392,456
11,460,595
34,226,662
57,079,713
0.42%
1 1
20,425
26,110,692
28,616,701
20,532,744
75,280,562
20,425
26,519,685
28,909,902
20,805,581
76,255,593
(975,031)
132,583
1.30%
1.30 1.40
132,360,275
0.92%
0.74 0.80
Weighted Average Yield:
The total yield on a bond portfolio divided by the number of bonds contained in it, weighted for the size of each bond so that the yield of large holdings does not drown out the calculation of yields on small holdings.
Yield to Maturity: The Yield to Maturity (YTM) or Market Yield to Maturity of a fixed income security is that rate of interest that will make the present value of the future cash flows equal to the market value as of the valuation date, assuming the bond is held to maturity. 4 of 31 ATTACHMENT A
May 3, 2022, Item #7
City of Poway
Monthly Investment Portfolio Report
March 31, 2022
Separately Managed Investment Pools % Return
LAIF $ 34,226,662 60% 0.37%
CalTrust -Short $ 11,392,456 20% 0.32%
CalTrust -Medium $ 11,460,595 20% 0.67%
Total Internally Managed $ 57,079,713 43%
Weighted Average Yield 0.42%
Days
Effective Average Duration -Internal 1
Weighted Average Maturity -Internal 1
Externally Managed Assets % Return
Cash $ 20,425 0% 0.01%
Treasury Securities $ 26,110,692 35% 0.96%
Instrumentality Securities $ 28,616,701 38% 1.37%
Corporate Notes $ 20,532,744 27% 1.62%
Total Externally Managed $ 75,280,562 57%
Weighted Average Yield 1.30%
Years
Effective Average Duration -External 1.30
Weighted Average Final Maturity -External 1.40
Total Portfolio Assets % Return
LAIF $
CalTrust -Short $
CalTrust -Medium $
Cash $
Treasury Securities $
Instrumentality Securities $
Corporate Notes $
Total Portfolio Assets $
Weighted Average Yield
Effective Average Duration -Total
Weighted Average Maturity -Total
Portfolio Change
3rd Quarter Beginning Balance
3rd Quarter Ending Balance
Assets values shown at Market
5 of 31
34,226,662 26% 0.37%
11,392,456 9% 0.32%
11,460,595 9% 0.67%
20,425 0% 0.00%
26,110,692 20% 0.96%
28,616,701 22% 1.37%
20,532,744 16% 1.62%
132,360,275
0.92%
Years
0.74 0.80
$
$
CalTrust -
CalTrust -Short,
20%
Securities
29%
Corporate
Note
123,998,906
132,360,275
ATTACHMENT B
Cash, 0%
CalTrust -Short
12%
Securities
26%
Treasury
Securities, 35%
CalTrust -
Cash
0%
May 3, 2022, Item #7
ATTACHMENT
C
May 3, 2022, Item #7
-.J
Contents 0 ....
w ..a.
Fixed income market review 3
Activity and performance summary 4
Recap of securities held 6
Maturity distribution of securities held 7
Securities held 8
GASB 40 - Deposit and investment risk disclosure 13
Securities purchased 17
Securities sold and matured 18
Detail of return and interest received 19
Transaction report 22
Additional information 24
May 3, 2022, Item #7
00 0 ..... w ...a.
FIXED INCOME MARKET REVIEW
As of March 31, 2022
Chart 1: Commodity prices become increasingly volatile
130 I
120 [
110 I
= 100 f
j 90 f
tn so I
I
70 f·
60 !50
Jan-21 Mar-2 1 May-21 Jul-21 Sep -21 Nov-21 Jan-22 Mar-22 Russia full scale invasion of Ukra ine
Source : Bloomberg, March 31 , 2022
--WTI Crude oil
Chart 2: Short-end Treasury yields rise as the Fed becomes more hawkish
3.0%
2.5%
-o 2.0% v >,
~1 .5%
ff,
ro
<I)
~ 1 0%
0.5%
--- ------ - --------
0. 0% +----..-------r---~-----.----..--------.-----.
3M 6M 1Y 2Y 3Y 5Y 7Y 10Y
--- Mar-22 - Feb-22
Source: Bloomberg, March 31, 2022
CITY OF POWAY
Economic Indicators and Monetary Policy
The Federal Reserve (Fed) kicked-off its rate hiking cycle, with its first rate rise since 2018. The Fed's quarterly "dot plot" was increasingly hawkish for the third straight meeting. The median projection rose to seven rate hikes this year, up from four in December. This implies one 25bp hike at every remaining meeting this year. Seven members were even more hawkish than this, pointing to openness toward 50bp moves.
CPI recorded another multi-decade high, albeit this time in line with expectations at
7.9% year-on-year, while Core CPI was 6.4%. Within the "sticky" categories, Notably, healthcare inflation moderated. In the shelter categories, owners' equivalent rent maintained its recent pace at 0.4%, while rents accelerated to 0.6%.
Employment growth continued its strong run, with nonfarm jobs up 678,000, well above consensus estimates for ~500,000. The unemployment rate fell to 3.8% from 4%, further than expected even as the participation rate ticked up to 62.3%, a new cycle high. Average hourly earnings, the most anticipated element of the employment report, underwhelmed however, by remaining unchanged. However, idiosyncratic issues likely played a part following disruptions relating to the Omicron Covid-19 variant.
The war in Ukraine continued with Russia failing to take control of Kyiv and toward the end of the month, appearing to concentrate on Ukraine's Eastern regions. Tentative peace talks began by the end of the month, albeit terms of an agreement still far off.
The US announced a ban of imports on Russian oil and gas and the release of up to 180m barrels of domestic oil reserves over six months. This is the largest release since the reserve was created in 197 4. Commodity prices continued to be volatile, particularly oil, gas, wheat and other agricultural commodities (Chart 1 ).
Interest Rate Summary
Yields rose materially across the curve, particularly the short end (Chart 2). At the end of March, the 3-month US Treasury bill yielded 0.51 %, the 6-month US Treasury bill yielded 1.03%, the 2-year US Treasury note yielded 2.34%, the 5-year US Treasury note yielded 2.46% and the 10-year US Treasury note yielded 2.34%. 3 May 3, 2022, Item #7
ID
0 ACTIVITY AND PERFORMANCE SUMMARY
For the period March 1, 2022 - March 31 , 2022
:; I Amortized Cost Basis Activity Summary
- Opening balance
Income received
Total receipts
Total disbursements
lnterportfolio transfers
Total lnterportfollo transfers
Realized gain (loss)
Change in accruals from security movement
Total amortization expense
Total 01D/MKT accretion Income
Return of capital
Closlng balance
Ending fair value
Unrealized gain (loss)
140,403 .73
9,660,000 .00
Comparative Rates of Return{%)
Fed Funds
Overnight Repo
Merrill Lynch 3m US Treas Bill
Merrill Lynch 6m US Treas Bill
ML 1 Year US Treasury Note
ML 2 Year US Treasury Note
ML 5 Year US Treasury Note
* rates reflected are cumulative
* Twelve
month trailing
0.09 0.05
0.09 0.16
0.32 0.59
1.16 * Six
month trailing
0.05 0.03
0.08 0.14
0.29 0.49
0.74 66,495,908 .58
140,403.73
0.00 9,660,000 .00
0.00 0.00
(48,033.85)
7,314.45
0.00 76,255,592.91
75,280,561 .26
(975,031 .65)
* One month
0.02 0.01
O.Q3
0.06 0.11
0.16 0.18
Detail Qf AmQrtized Cost Basis Return
Interest Accretion Realized
earned (amortization) gain (loss)
Cash and Cash Equivalents 2.02 0.00 0.00
Corporate Bonds 58,927.90 (25,339.41) 0.00
Government Agencies 51,136.18 (13,060.31) 0.00
Government Bonds 22,517 .33 (2,319.68) 0.00
Total 132,583.43 (40,719.40) 0.00
Summary Qf Amortized Cgst Basis Return for the Period
Interest earned
Accretion (amortization)
Realized gain (loss) on sales
Total income on portfolio
Average daily amortized cost
Period return(%)
YTD return(%)
Weighted average final maturity in days
CITY OF POWAY
Total
income
2.02 33,588.49
38,075.87
20,197 .65
91,864.03
Total portfolio
132,583.43
(40,719.40)
0.00 91,864 .03
75,896,107 .61
0.12 0.34
511
4 May 3, 2022, Item #7
-0
0 """ w
-
ACTIVITY AND PERFORMANCE SUMMARY
For the period March 1, 2022 - March 31, 2022
Fair Value Basis Activity Summary
Opening balance
Income received
Total receipts
Total disbursements
lnterportfolio transfers
Total lnterportfollo transfers
Unrealized gain (loss) on security movements
Change in accruals from security movement
Return of capital
Change in fair value for the period
Ending fair value
140,403 .73
9,660,000.00
Comparative Rates of Return{%}
* Twelve * Six
month trailing month trailing
Fed Funds 0.09 0.05
Overnight Repo 0.05 0.03
ICE Bofa 3 Months UST-BILL 0.06 0.05
ICE Bof a 6m US Treas Bill (0.05) (0.08)
ICE Bofa 1 Yr US Treasury Note (0.94) (0.98)
ICE Bof A US Treasury 1-3 (2.84) (2.86)
ICE Bof A US Treasury 1-5 (3.72) (3.82)
* rates reflected are cumulative
66,228,713.39
140,403.73
0.00 9,660,000.00
0.00 0.00
0.00 (748,555 .86)
75,280,561 .26
* One month
0.02 0.01
0.03 (0.03)
(0.38)
(1 .33)
(1 .86)
Detail Qf Fair Value Basis Return
Interest Change in
earned fair value
Cash and Cash Equivalents 2.02 0.00
Corporate Bonds 58,927.90 (225,407.09)
Government Agencies 51,136 .18 (272,038.55)
Government Bonds 22,517 .33 (251,110.22)
Total 132,583.43 (748,555.86)
Summary Qf Fair Value Basis Return for the PeriQd
Interest earned
Change in fair value
Total income on portfolio
Average daily total value*
Period return (%)
YTD return (%)
Weighted average final maturity in days
* Total value equals market value and accrued interest
CITY OF POWAY
Total
income
2.02 (166,479 .19)
(220,902 .37)
(228,592.89)
(615,972.43)
Total portfolio
132,583.43
(748,555 .86)
(615,972.43)
75,595,702.92
(0.81)
(1 .78)
511
5 May 3, 2022, Item #7
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..a.
0 ....
w ..a.
RECAP OF SECURITIES HELD
As of March 31, 2022
Cash and Cash Equivalents
Corporate Bonds
Government Agencies
Government Bonds
.t.111:~
Historical
cost
20,424.88
21,319,597.00
29,286,260 .86
26,563,184.21
Amortized
cost
20,424.88
20,805,580.72
28,909,902 .12
26,519,685.19
Fair value
20,424.88
20,532,743.62
28,616,701.36
26,110,691.40
Unrealized
gain (loss)
0.00 (272,837.10)
(293,200.76)
(408,993.79)
Weighted Percent
average of
final portfolio
maturity (days)
608
464
485
0.03 27.62
37.94 34.41
Portfolio diversification (%)
■ Cash and Cash Equivalents
■ Corporate Bonds
■ Government Agencies
■ Government Bonds
Total
0.03 27.62
37.94 34.41
100.00
Weighted
average
effective
duration (years)
0.00 1.37
1.24 1.30
CITY OF POWAY
6 May 3, 2022, Item #7
~
N
0 ....
w
~
MATURITY DISTRIBUTION OF SECURITIES HELD
As of March 31, 2022
Maturity
Under 90 days
90 to 179 days
180 days to 1 year
1 to 2 years
2 to 3 years
3 to 4 years
4 to 5 years
Over 5 years
e .§. ....,
U'I
0 u
ta u
:S
U'I
:i:
40.00 30.00
20.00 10.00
o.ooL_J••L
ofl>-f
~~
b,t;.
..::::P
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~
ofl>-f
'\~
"
q,~
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Maturity distribution
~
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,o
oil>~""
rl-' ~e, '),
,,o
~":,
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':,
'\,,o
~":,
~e,
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Historic cost
2,963,771.18
4,989 ,31 0.28
22,163,995.35
35,338,989.44
11,733,400.70
~":,
<-,~e,
~,o
0.00 0.00
0.00 ~":,
<-,~e,
,:;.,!;,
0 CITY OF POWAY
Percent
3.84 6.46
28.71 45.78
15.20 0.00
0.00 0.00
7 May 3, 2022, Item #7
SECURITIES HELD
CITY OF POWAY
As of March 31, 2022 ... w
acusip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total % w Call date shares gain accrued Port ...
(loss) interest cost
Cash and Cash Equivalents
Cash and Cash Equivalents 0.000 20,424.88 20,424.88 20,424.88 20,424 .88 0.00 0.00 0.03 Total Cash and Cash Equivalents 20,424.88 20,424.88 20,424.88 20,424.88 0.00 0.00 0.03 Corporate Bonds
89233P7F7 TOYOTA MOTOR CREDIT CORP 2.625% 1 OJAN2023 2.625 01/10/2023 2,000,000.00 2,001,380 .00 2,000,293.84 2,009,720.42 9,426 .58 11 ,812 .50 2.59 084670BR8 BERKSHIRE HATHAWAY INC 2.75% 15MAR2023 2. 750 03/15/2023 1,000,000.00 1,021 ,370 .00 1,004,845.23 1,006,964 .98 2,119 .75 1,222 .22 1.32 (CALLABLE 15JAN23) 01/15/2023
931142DH3 WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23) 2.550 04/11/2023 1,000,000 .00 1,015,270 .00 1,003,424.48 1,005 ,990.09 2,565.61 12,041 .67 1.32 01/11/2023
037833AK6 APPLE INC 2.4% 03MAY2023 2.400 05/03/2023 1,000,000 .00 1,007,920.00 1,002,297 .09 1,005,398 .30 3,101 .21 9,866 .67 1.31 166764BK5 CHEVRON CORP 2.566% 16MAY2023 (CALLABLE 2.566 05/16/2023 1,500,000 .00 1,552,215 .00 1,516,438 .94 1,504, 139.85 (12,299.09) 14,433.75 2.01 16MAR23) 03/16/2023
69353RFL7 PNC BANK NA 3.5% 08JUN2023 (CALLABLE 09MAY23) 3.500 06/08/2023 1,900,000 .00 1,995,436 .00 1,928 ,279.71 1,922,675.76 (5,603.95) 20,873.61 2.59 05/09/2023
17325FAS7 CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23) 3.650 01/23/2024 1,400,000 .00 1,484,224.00 1,436,822.14 1,424 ,636.37 (12,185.77) 9,652 .22 1.92 12/23/2023
91159HHV5 US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24) 3.375 02/05/2024 1,900,000 .00 1,999,636.00 1,941,110 .37 1,926,125 .17 (14,985 .20) 9,975 .00 2.59 01/05/2024
17275RAN2 CISCO SYSTEMS INC 3.625% 04MAR2024 3.625 03/04/2024 1,000,000 .00 1,070,370 .00 1,032,644.91 1,023,477 .92 (9,166.99) 2,718.75 1.39 06051GHF9 BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 3.550 03/05/2024 2,350 ,000.00 2,488,495 .00 2,411,231 .97 2,363,416 .78 (47,815.19) 6,025.14 3.22 05MAR23) 03/05/2023
8 May 3, 2022, Item #7
SECURITIES HELD
CITY OF POWAY
As of March 31, 2022
~
~
acusip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total % w Call date shares gain accrued Port ~
(loss) interest cost
Corporate Bonds
459200JY8 IBM CORP 3% 15MAY2024 3.000 05/15/2024 2,300,000 .00 2,463,231.00 2,410 ,310.70 2,315,211 .81 (95,098.89) 26,066.67 3.19 02665WCZ2 AMERICAN HONDA FINANCE 2.4% 27JUN2024 2.400 06/27/2024 1,000,000.00 1,012,410 .00 1,006,117 .82 992,969.11 (13,148.71) 6,133.33 1.31 46647PAY2 JPMORGAN CHASE & CO 4.023% 05DEC2024 (CALLABLE 4.023 12/05/2024 2,000, 000.00 2,207,640 .00 2,111 ,763 .52 2,032,017.06 (79,746.46) 25,926.00 2.86 05DEC23) 12/05/2023
Total Corporate Bonds 20,350,000.00 21,319,597.00 20,805,580.72 20,532,743.62 (272,837.10) 156,747.53 27.62 Government Agencies
3135G0V59 FANNIE MAE 2.25% 12APR2022 2.250 04/12/2022 2,900,000.00 2,943,346 .30 2,900,644.55 2,901,804.58 1,160.03 30,631.25 3.81 3133EA5E4 FEDERAL FARM CREDIT BANK 1.93% 18OCT2022 1. 930 10/18/2022 2,000,000.00 2,015,820.00 2,003,132.36 2,009,206.04 6,073 .68 17,477 .22 2.61 31331K3A6 FEDERAL FARM CREDIT BANK 2.71% 13DEC2022 2.710 12/13/2022 1,000,000.00 1,028,921.06 1,005,886.59 1,008,332.97 2,446.38 8,130.00 1.33 31331KAF7 FEDERAL FARM CREDIT BANK 4.09% 18JAN2023 4.090 01/18/2023 1,850,000.00 2,008,452 .50 1,887,343 .96 1,891,509 .67 4,165.71 15,343 .18 2.60 3133EKKT2 FEDERAL FARM CREDIT BANK 2.25% 08FEB2023 2.250 02/08/2023 1,000,000 .00 1,017,480 .00 1,004 ,112.94 1,007,431 .91 3,318.97 3,312 .50 1.32 3130AJ7E3 FEDERAL HOME LOAN BANK 1.375% 17FEB2023 1.37 5 02/17/2023 2,000, 000.00 2,003,400.00 2,003,179 .35 1,996, 115.32 (7,064.03) 3,361.11 2.60 3133EJFK0 FEDERAL FARM CREDIT BANK 2.65% 08MAR2023 2.650 03/08/2023 1,000,000.00 1,032,790.00 1,009,099 .36 1,008,224.54 (874.82) 1,693.06 1.34 3133EMF31 FEDERAL FARM CREDIT BANK 0.125% 02JUN2023 0.125 06/02/2023 2,000,000.00 1,968,700 .00 1,970,250.90 1,958,390.28 (11 ,860 .62) 826.39 2.55 9 May 3, 2022, Item #7
SECURITIES HELD
CITY OF POWAY
As of March 31, 2022
..a. u,
g_cusip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total % w Call date shares gain accrued Port ..a.
(loss) interest cost
Government Agencies
3137EAEN5 FREDDIE MAC 2.75% 19JUN2023 2.750 06/19/2023 2,000,000.00 2,067,740.00 2,021,075.73 2,018,263 .10 (2,812.63) 15,583 .33 2.68 3135G0U43 FANNIE MAE 2.875% 12SEP2023 2.875 09/12/2023 1,000,000.00 1,039,050 .00 1,013,571.30 1,010, 143.80 (3,427.50) 1,517.36 1.35 3133EKVB9 FEDERAL FARM CREDIT BANK 1.86% 17OCT2023 1.860 10/17/2023 2,000,000.00 1,997,646.00 1,999,142.46 1,994,244.38 (4,898.08) 16,946.67 2.59 3133EJ2B4 FEDERAL FARM CREDIT BANK 3% 06DEC2023 3.000 12/06/2023 1,000,000.00 1,071,740 .00 1,045,032.24 1,014,811 .89 (30,220.35) 9,583 .33 1.39 3130A3VC5 FEDERAL HOME LOAN BANK 2.25% 08DEC2023 2.250 12/08/2023 1,000,000.00 1,014,600 .00 1,005,654.01 999,769 .52 (5,884.49) 7,062.50 1.31 3135G0V34 FANNIE MAE 2.5% 05FEB2024 2.500 02/05/2024 1,750,000.00 1,820,547.50 1,791,204.57 1,757,644.12 (33,560.45) 6,805.56 2.36 3133EMRZ7 FEDERAL FARM CREDIT BANK 0.25% 26FEB2024 0.250 02/26/2024 1,250,000.00 1,246,747.50 1,247,699 .78 1,205,690 .98 (42,008.80) 303 .82 1.62 3133EMBE1 FEDERAL FARM CREDIT BANK 0.3% 28MAR2024 0.300 03/28/2024 2,000,000.00 1,998,500 .00 1,999,143 .88 1,918 ,697 .84 (80,446.04) 50.00 2.59 (CALLABLE 12APR22)
3135G0V75 FANNIE MAE 1.75% 02JUL2024 1.750 07/02/2024 2,000,000 .00 2,007,920.00 2,003,728.14 1,972,471.40 (31,256.74) 8,652.78 2.60 3130AL2A1 FEDERAL HOME LOAN BANK 0.5% 1 0FEB2025 0.500 02/10/2025 1,000,000.00 1,002,860.00 1,000,000 .00 943,949 .02 (56,050 .98) 708 .33 1.30 (CALLABLE 1 OMA Y22) 05/10/2022
Total Government Agencies 28,750,000.00 29,286,260.86 28,909,902.12 28,616,701.36 (293,200.76) 147,988.39 37.94 Government Bonds
912828XW5 USA TREASURY 1.75% 30JUN2022 1.750 06/30/2022 1,000,000 .00 998,515 .63 999,878.64 1,003,007 .81 3,129.17 4,350.83 1.29 10 May 3, 2022, Item #7
SECURITIES HELD
CITY OF POWAY
As of March 31, 2022
...a.
O"I
g_cusip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total % w Call date shares gain accrued Port ...a.
(loss) interest cost
Government Bonds
91282CAC5 USA TREASURY 0.125% 31JUL2022 0.125 07/31/2022 2,000,000.00 1,996,178.57 1,996,762.40 1,995,468 .76 (1,293.64) 407.46 2.59 91282CAG6 USA TREASURY 0.125% 31 AUG2022 0.125 08/31/2022 2,000,000 .00 1,994,616 .08 1,995,292.92 1,993,359.38 (1,933.54) 210.60 2.58 912828L57 USA TREASURY 1.75% 30SEP2022 1.750 09/30/2022 1,000,000.00 999,417.41 999,910.18 1,003,437 .50 3,527.32 0.00 1.29 91282CAR2 USA TREASURY 0.125% 31OCT2022 0 .125 10/31/2022 2,000,000.00 1,990,859.38 1,991,711.47 1,987,656.24 (4,055.23) 1,042.82 2.58 91282CAX9 USA TREASURY 0.125% 30NOV2022 0.125 11/30/2022 2,000,000 .00 1,988, 125.00 1,989,107.14 1,984,140.62 (4,966.52) 831 .04 2.58 91282CCN9 USA TREASURY 0.125% 31JUL2023 0.125 07/31/2023 1,300,000.00 1,287,461 .39 1,289,211.48 1,267,246 .10 (21,965.38) 264.85 1.67 9128282D1 USA TREASURY 1.375% 31AUG2023 1 .375 08/31/2023 2,000,000 .00 1,967,109.38 1,988,671.98 1,980, 156.24 (8,515.74) 2,316 .58 2.55 91282CDA6 USA TREASURY 0.25% 30SEP2023 0.250 09/30/2023 1,500,000.00 1,485,761.72 1,487,575 .51 1,458,339 .84 (29,235 .67) 0.00 1.92 912828T91 USA TREASURY 1.625% 31 OCT2023 1 . 625 1 0/31 /2023 1,600,000.00 1,640,630.36 1,631,450.51 1,586,562.50 (44,888.01) 10,845 .30 2.13 912828U57 USA TREASURY 2.125% 30NOV2023 2.125 11/30/2023 1,900,000.00 1,925,679 .69 1,909,804 .97 1,897,328 .13 (12,476.84) 13,421 .36 2.49 9128285P1 USA TREASURY 2.875% 30NOV2023 2.875 11/30/2023 1,100,000 .00 1, 151,566 .19 1,142,960.07 1,111,515 .63 (31,444.44) 10,512 .71 1.49 91282CBE0 USA TREASURY 0.125% 15JAN2024 0.125 01/15/2024 1,900,000.00 1,890,283 .71 1,892,350.76 1,828,230.46 (64, 120.30) 492.06 2.45 11 May 3, 2022, Item #7
SECURITIES HELD
CITY OF POWAY
As of March 31, 2022
...a.
....
g.cusip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total % w Call date shares gain accrued Port ...a.
(loss) interest cost
Government Bonds
912828X70 USA TREASURY 2% 30APR2024 2.000 04/30/2024 2,000,000.00 2,036 ,015 .63 2,016,343.41 1,984,687 .50 (31,655 .91) 16,685 .08 2.64 912828YH7 USA TREASURY 1.5% 30SEP2024 1.500 09/30/2024 1,000,000.00 1,032,304.69 1,025,764 .82 976,445.31 (49,319.51) 0.00 1.34 912828YM6 USA TREASURY 1.5% 31 OCT2024 1.500 10/31/2024 1,100,000 .00 1,132,015.40 1,126,821.41 1,073,187.50 (53,633 .91) 6,882.60 1.47 912828YY0 USA TREASURY 1. 75% 31 DEC2024 1.750 12/31/2024 1,000,000 .00 1,046,643 .98 1,036,067 .52 979 ,921 .88 (56, 145.64) 4,350 .83 1.36 Total Government Bonds 26,400,000.00 26,563,184.21 26,519,685.19 26,110,691.40 (408,993.79) 72,614.12 34.41 12 May 3, 2022, Item #7
GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
CITY OF POWAY
As of March 31, 2022
-00
acusip Description Coupon Maturity Call date S&P Moody Par value or Historical % Portfolio Market % Portfolio Effective w date rating rating shares
-
cost hist cost value mkt value dur (yrs)
United States Treasury Note/Bond
912828XW5 USA TREASURY 1.75% 1.750 06/30/2022 AA+ Aaa 1,000,000.00 998,515.63 1.29 1,003,007.81 1.33 0.25 91282CAC5 USA TREASURY 0.125% 0.125 07/31/2022 AA+ Aaa 2,000,000.00 1,996,178.57 2.59 1,995,468.76 2.65 0.33 91282CAG6 USA TREASURY 0.125% 0.125 08/31/2022 AA+ Aaa 2,000,000.00 1,994,616.08 2.58 1,993,359.38 2.65 0.42 912828L57 USA TREASURY 1.75% 1.750 09/30/2022 AA+ Aaa 1,000,000.00 999,417.41 1.29 1,003,437.50 1.33 0.50 91282CAR2 USA TREASURY 0.125% 0.125 10/31/2022 AA+ Aaa 2,000,000.00 1,990,859.38 2.58 1,987,656.24 2.64 0.58 91282CAX9 USA TREASURY 0.125% 0.125 11/30/2022 AA+ Aaa 2,000,000.00 1,988,125.00 2.58 1,984,140 .62 2.64 0.66 91282CCN9 USA TREASURY 0.125% 0.125 07/31/2023 AA+ Aaa 1,300,000 .00 1,287,461.39 1.67 1,267 ,246.10 1.68 1.32 9128282D1 USA TREASURY 1.375% 1.375 08/31/2023 AA+ Aaa 2,000,000.00 1,967,109.38 2.55 1,980, 156.24 2.63 1.40 91282CDA6 USA TREASURY 0.25% 0.250 09/30/2023 AA+ Aaa 1,500,000.00 1,485,761.72 1.92 1,458,339.84 1.94 1.48 912828T91 USA TREASURY 1.625% 1.625 10/31/2023 AA+ Aaa 1,600,000.00 1,640,630.36 2.13 1,586,562.50 2.11 1.55 912828U57 USA TREASURY 2.125% 2.125 11/30/2023 AA+ Aaa 1,900 ,000.00 1,925,679.69 2.49 1,897,328.13 2.52 1.62 9128285P1 USA TREASURY 2.875% 2.875 11/30/2023 AA+ Aaa 1,100,000.00 1, 151,566.19 1.49 1, 111,515.63 1.48 1.61 91282CBEO USA TREASURY 0.125% 0.125 01/15/2024 AA+ Aaa 1,900,000.00 1,890,283.71 2.45 1,828,230.46 2.43 1.78 912828X70 USA TREASURY 2% 2.000 04/30/2024 AA+ Aaa 2,000,000.00 2,036,015.63 2.64 1,984,687.50 2.64 2.01 912828YH7 USA TREASURY 1.5% 1.500 09/30/2024 AA+ Aaa 1,000,000.00 1,032,304.69 1.34 976,445.31 1.30 2.44 912828YM6 USA TREASURY 1.5% 1.500 10/31/2024 AA+ Aaa 1,100,000 .00 1,132,015.40 1.47 1,073,187.50 1.43 2.51 912828YYO USA TREASURY 1.75% 1.750 12/31/2024 AA+ Aaa 1,000,000 .00 1,046,643.98 1.36 979 ,921.88 1.30 2.66 Issuer total 26,400,000.00 26,563,184.21 34.41 26,110,691.40 34.68 1.30 Federal Farm Credit Banks Funding Corp
3133EA5E4 FEDERAL FARM CREDIT 1.930 10/18/2022 AA+ Aaa 2,000,000.00 2,015,820.00 2.61 2,009,206.04 2.67 0.54 31331K3A6 FEDERAL FARM CREDIT 2.710 12/13/2022 AA+ Aaa 1,000,000.00 1,028,921.06 1.33 1,008,332.97 1.34 0.69 31331KAF7 FEDERAL FARM CREDIT 4.090 01/18/2023 AA+ Aaa 1,850,000.00 2,008,452.50 2.60 1,891,509 .67 2.51 0.79 3133EKKT2 FEDERAL FARM CREDIT 2.250 02/08/2023 AA+ Aaa 1,000,000.00 1,017,480 .00 1.32 1,007,431.91 1.34 0.85 3133EJFKO FEDERAL FARM CREDIT 2.650 03/08/2023 AA+ Aaa 1,000,000.00 1,032,790.00 1.34 1,008,224.54 1.34 0.92 13 May 3, 2022, Item #7
GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
CITY OF POWAY
As of March 31, 2022
-\D
g_cusip Description Coupon Maturity Call date S&P Moody Par value or Historical % Portfolio Market % Portfolio Effective w date rating
-
rating shares cost hist cost value mkt value dur (yrs)
Federal Farm Credit Banks Funding Corp
3133EMF31 FEDERAL FARM CREDIT 0.125 06/02/2023 AA+ Aaa 2,000,000.00 1,968,700.00 2.55 1,958,390.28 2.60 1.16 3133EKVB9 FEDERAL FARM CREDIT 1.860 10/17/2023 AA+ Aaa 2,000,000.00 1,997,646.00 2.59 1,994,244.38 2.65 1.51 3133EJ2B4 FEDERAL FARM CREDIT 3.000 12/06/2023 AA+ Aaa 1,000,000 .00 1,071,740.00 1.39 1,014,811.89 1.35 1.63 3133EMRZ7 FEDERAL FARM CREDIT 0.250 02/26/2024 AA+ Aaa 1,250,000 .00 1,246,747.50 1.62 1,205,690.98 1.60 1.89 3133EMBE1 FEDERAL FARM CREDIT 0.300 03/28/2024 AA+ Aaa 2,000,000 .00 1,998,500.00 2.59 1,918,697.84 2.55 1.92 Issuer total 15,100,000.00 15,386,797.06 19.93 15,016,540.50 19.95 1.20 Federal National Mortgage Association
3135G0V59 FANNIE MAE 2.25% 2.250 04/12/2022 AA+ Aaa 2,900,000 .00 2,943,346.30 3.81 2,901,804.58 3.85 0.03 3135G0U43 FANNIE MAE 2.875% 2.875 09/12/2023 AA+ Aaa 1,000,000 .00 1,039,050.00 1.35 1,010, 143.80 1.34 1.42 3135G0V34 FANNIE MAE 2.5% 2.500 02/05/2024 AA+ Aaa 1,750,000 .00 1,820,547.50 2.36 1,757,644.12 2.33 1.80 3135G0V75 FANNIE MAE 1.75% 1.750 07/02/2024 AA+ Aaa 2,000,000 .00 2,007,920.00 2.60 1,972,471.40 2.62 2.19 Issuer total 7,650,000.00 7,810,863.80 10.12 7,642,063.90 10.15 1.18 Federal Home Loan Banks
3130AJ7E3 FEDERAL HOME LOAN 1.375 02/17/2023 AA+ Aaa 2,000,000 .00 2,003,400.00 2.60 1,996,115.32 2.65 0.88 3130A3VC5 FEDERAL HOME LOAN 2.250 12/08/2023 AA+ Aaa 1,000,000.00 1,014,600.00 1.31 999,769.52 1.33 1.64 3130AL2A1 FEDERAL HOME LOAN 0.500 02/10/2025 05/10/2022 AA+ Aaa 1,000,000.00 1,002,860.00 1.30 943,949.02 1.25 2.73 Issuer total 4,000,000.00 4,020,860.00 5.21 3,939,833.86 5.23 1.53 Bank of America Corp
06051 GHF9 BANK OF AMERICA CORP 3.550 03/05/2024 03/05/2023 A- A2 2,350,000.00 2,488,495.00 3.22 2,363,416.78 3.14 0.91 Issuer total 2,350,000.00 2,488,495.00 3.22 2,363,416.78 3.14 0.91 International Business Machines Corp
459200JY8 IBM CORP 3% 3.000 05/15/2024 A- A3 2,300,000.00 2,463,231.00 3.19 2,315,211.81 3.08 2.03 Issuer total 2,300,000.00 2,463,231.00 3.19 2,315,211.81 3.08 2.03 14 May 3, 2022, Item #7
GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
CITY OF POWAY
As of March 31 , 2022
N
0 ~Cusip Description Coupon Maturity Call date S&P Moody Par value or Historical % Portfolio Market % Portfolio Effective w date rating rating shares cost hist cost value mkt value dur (yrs) ..a.
JPMorgan Chase & Co
46647PAY2 JPMORGAN CHASE & CO 4.023 12/05/2024 12/05/2023 A- A2 2,000 ,000 .00 2,207,640.00 2.86 2,032,017.06 2.70 1.60 Issuer total 2,000,000.00 2,207,640.00 2.86 2,032,017.06 2.70 1.60 Federal Home Loan Mortgage Corp
3137EAEN5 FREDDIE MAC 2.75% 2.750 06/19/2023 AA+ Aaa 2,000,000.00 2,067,740.00 2.68 2,018,263.10 2.68 1.19 Issuer total 2,000,000.00 2,067,740.00 2.68 2,018,263.10 2.68 1.19 Toyota Motor Credit Corp
89233P7F7 TOYOTA MOTOR CREDIT 2.625 01/10/2023 A+ A1 2,000,000.00 2,001,380.00 2.59 2,009,720.42 2.67 0.77 Issuer total 2,000,000.00 2,001 ,380.00 2.59 2,009,720.42 2.67 0.77 US Bancorp
91159HHV5 US BANCORP 3.375% 3.375 02/05/2024 01/05/2024 A+ A2 1,900 ,000.00 1,999,636 .00 2.59 1,926,125.17 2.56 1.74 Issuer total 1,900,000.00 1,999,636.00 2.59 1,926,125.17 2.56 1.74 PNC Bank NA
69353RFL7 PNC BANK NA 3.5% 3.500 06/08/2023 05/09/2023 A A2 1,900,000 .00 1,995,436.00 2.59 1,922,675.76 2.55 1.11 Issuer total 1,900,000 .00 1,995,436.00 2.59 1,922,675.76 2.55 1.11 Chevron Corp
166764BK5 CHEVRON CORP 2.566% 2.566 05/16/2023 03/16/2023 AA- Aa2 1,500,000.00 1,552,215.00 2.01 1,504,139.85 2.00 1.04 Issuer total 1,500,000.00 1,552,215.00 2.01 1 ,504, 139 .85 2.00 1.04 Citibank NA
17325FAS7 CITIBANK NA 3.65% 3.650 01/23/2024 12/23/2023 A+ Aa3 1,400,000.00 1,484,224.00 1.92 1,424,636.37 1.89 1.70 Issuer total 1,400,000.00 1,484,224.00 1.92 1,424,636.37 1.89 1.70 15 May 3, 2022, Item #7
GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
CITY OF POWAY
As of March 31, 2022
N
-acusip Description Coupon Maturity Call date S&P Moody Par value or Historical % Portfolio Market % Portfolio Effective w date rating rating shares
-
cost hist cost value mkt value dur (yrs)
Cisco Systems Inc
17275RAN2 CISCO SYSTEMS INC 3.625 03/04/2024 AA- A1 1,000,000.00 1,070,370.00 1.39 1,023,477.92 1.36 1.86 Issuer total 1,000,000.00 1,070,370.00 1.39 1,023,477.92 1.36 1.86 Berkshire Hathaway Inc
084670BR8 BERKSHIRE HATHAWAY 2.750 03/15/2023 01/15/2023 AA Aa2 1,000,000.00 1,021,370.00 1.32 1,006,964.98 1.34 0.88 Issuer total 1,000,000.00 1,021,370.00 1.32 1,006,964.98 1.34 0.88 Walmart Inc
931142DH3 WALMART INC 2.55% 2.550 04/11/2023 01/11/2023 AA Aa2 1,000,000.00 1,015,270.00 1.32 1,005,990.09 1.34 0.90 Issuer total 1,000,000.00 1,015,270.00 1.32 1,005,990.09 1.34 0.90 Apple Inc
037833AK6 APPLE INC 2.4% 2.400 05/03/2023 AA+ Aaa 1,000,000.00 1,007,920 .00 1.31 1,005,398 .30 1.34 1.06 Issuer total 1,000,000.00 1,007,920.00 1.31 1,005,398.30 1.34 1.06 American Honda Finance Corp
02665WCZ2 AMERICAN HONDA 2.400 06/27/2024 A- A3 1,000,000.00 1,012,410.00 1.31 992,969.11 1.32 2.16 Issuer total 1,000,000.00 1,012,410.00 1.31 992,969.11 1.32 2.16 Cash and Cash Equivalents
INVESTED CASH 0.000 20,424.88 20,424.88 0.00 20,424 .88 0.03 0.00 Issuer total 20,424.88 20,424.88 0.00 20,424.88 0.03 0.00 16 May 3, 2022, Item #7
SECURITIES PURCHASED
CITY OF POWAY
For the period March 1, 2022 - March 31, 2022
N
N
g_cusip Description I Broker Trade date Coupon Maturity/ Par value or Unit cost Principal Accrued w Settle date Call date shares cost interest •
Government Agencies
3130AJ7E3 FEDERAL HOME LOAN BANK 1.375% 03/09/2022 1.375 02/17/2023 2,000,000.00 100.17 (2,003,400.00) (1,833.33) WELLS FARGO SECURITIES, LLC 03/11/2022
3133EMF31 FEDERAL FARM CREDIT BANK 0.125% 03/09/2022 0.125 06/02/2023 2,000,000.00 98.44 (1,968,700.00) (687.50) MORGAN STANLEY AND CO., LLC 03/11/2022
Total Government Agencies 4,000,000.00 (3,972,100.00) (2,520.83) Government Bonds
91282CAC5 USA TREASURY 0.125% 31 JUL2022 03/09/2022 0.125 07/31/2022 2,000,000.00 99.81 (1,996,178.57) (262.43) WELLS FARGO SECURITIES, LLC 03/10/2022
91282CAG6 USA TREASURY 0.125% 31 AUG2022 03/09/2022 0.125 08/31/2022 2,000,000.00 99.73 (1,994,616.08) (67.93) MORGAN STANLEY AND CO., LLC 03/10/2022
91282CAR2 USA TREASURY 0.125% 31 OCT2022 03/09/2022 0.125 10/31/2022 2,000,000.00 99.54 (1,990,859.38) (897.79) CITIGROUP GLOBAL MARKETS INC. 03/10/2022
91282CAX9 USA TREASURY 0.125% 30NOV2022 03/09/2022 0.125 11/30/2022 2,000,000.00 99.41 (1,988,125.00) (686.81) NATWEST MARKETS PLC 03/10/2022
Total Government Bonds 8,000,000.00 (7,969,779.03) (1,914.96) 17 May 3, 2022, Item #7
SECURITIES SOLD AND MATURED
CITY OF POWAY
For the period March 1, 2022 - March 31, 2022
N w
acusip Description / Broker Trade date Coupon Maturity/ Par value or Historical cost Amortized cost Price Fair value at Realized Accrued w Settle date Call date shares at sale or sale or gain interest ~ maturity maturity (loss) sold
Government Agencies
313378CR0 FHLB CONS BD 2.25 03-11-2022 03/11/2022 2.250 (2,000,000.00) 2,004 ,000.00 2,000,000 .00 0.00 - 2,000,000.00 0.00 0.00 03/11/2022
Total (Government Agencies) (2,000,000.00) 2,004,000.00 2,000,000.00 2,000,000.00 0.00 0.00 ---- ----- ---- ---- - [il(ffi} [l)ltll
18 May 3, 2022, Item #7
DETAIL OF RETURN AND INTEREST RECEIVED
CITY OF POWAY
For the period March 1, 2022 - March 31, 2022
N
.1:1,.
~Cusip Description Accretion Realized gain Change in fair Interest earned Interest received w (amortization) (loss) value ..a.
--
Cash
Cash and Cash Equivalents 0.00 0.00 0.00 2.02 2.02
Total Cash 0.00 0.00 0.00 2.02 2.02
Corporate Bonds
02665WCZ2 AMERICAN HONDA FINANCE 2.4% 27 JUN2024 (227.43) 0.00 (15,911.37) 2,200.00 0.00 037833AK6 APPLE INC 2.4% 03MAY2023 (175.35) 0.00 (7,039.02) 2,200.00 0.00 06051GHF9 BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 05MAR23) (5,483.46) 0.00 (23,807.29) 7,647 .29 41,712.50 084670BR8 BERKSHIRE HATHAWAY INC 2.75% 15MAR2023 (CALLABLE 15JAN23) (510.02) 0.00 (4,950.87) 2,520.83 13,750.00 166764BK5 CHEVRON CORP 2.566% 16MAY2023 (CALLABLE 16MAR23) (1,425.34) 0.00 (12,343.89) 3,528.25 0.00 17275RAN2 CISCO SYSTEMS INC 3.625% 04MAR2024 (1,411.16) 0.00 (7,890.64) 3,322.92 18,125.00 17325FAS7 CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23) (1,773.14) 0.00 (22,640.58) 4,684 .16 0.00 459200JY8 IBM CORP 3% 15MAY2024 (4,325.91) 0.00 (37,1 74.14) 6,325.00 0.00 46647PAY2 JPMORGAN CHASE & CO 4.023% 05DEC2024 (CALLABLE 05DEC23) (5,542.00) 0.00 (31,174.1 6) 7,375.50 0.00 69353RFL7 PNC BANK NA 3.5% 08JUN2023 (CALLABLE 09MAY23) (2,126.30) 0.00 (1 6,242.34) 6,095.83 0.00 89233P7F7 TOYOTA MOTOR CREDIT CORP 2.625% 1 0JAN2023 (31.48) 0.00 (15, 140.80) 4,812.50 0.00 91159HHV5 US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24) (1,942.22) 0.00 (26,129.33) 5,878.12 0.00 931142DH3 WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23) (365.60) 0.00 (4,962.66) 2,337.50 0.00 Total Corporate Bonds (25,339.41) 0.00 (225,407.09) 58,927.90 73,587.50 Government Agencies
3135G0V75 FANNIE MAE 1.75% 02JUL2024 (137.74) 0.00 (33,870.56) 3,208.34 0.00 3135G0V59 FANNIE MAE 2.25% 12APR2022 (1,611.39) 0.00 (5, 161.13) 5,981.25 0.00 19 May 3, 2022, Item #7
DETAIL OF RETURN AND INTEREST RECEIVED
CITY OF POWAY
For the period March 1, 2022 - March 31, 2022
N
U'I
~Cusip Description Accretion Realized gain Change in fair Interest earned Interest received w ..... (amortization) (loss) value
Government Agencies
3135G0V34 FANNIE MAE 2.5% 05FEB2024 (1,858.85) 0.00 (25,841.73) 4,010.42 0.00 3135G0U43 FANNIE MAE 2.875% 12SEP2023 (779.96) 0.00 (1 2,355.80) 2,635.42 14,375.00 3133EMF31 FEDERAL FARM CREDIT BANK 0.125% 02JUN2023 1,550.90 0.00 (10,309.72) 138.89 0.00 3133EMRZ7 FEDERAL FARM CREDIT BANK 0.25% 26FEB2024 100.59 0.00 (13,176.83) 286.46 0.00 3133EMBE1 FEDERAL FARM CREDIT BANK 0.3% 28MAR2024 (CALLABLE 12APR22) 35.77 0.00 (35,245.84) 550.00 3,000.00 3133EKVB9 FEDERAL FARM CREDIT BANK 1.86% 17OCT2023 46.19 0.00 (24,002.32) 3,410.00 0.00 3133EA5E4 FEDERAL FARM CREDIT BANK 1.93% 18OCT2022 (474.60) 0.00 (5,722.20) 3,538.33 0.00 3133EKKT2 FEDERAL FARM CREDIT BANK 2.25% 08FEB2023 (400.61) 0.00 (5,913.75) 2,062.50 0.00 3133EJFK0 FEDERAL FARM CREDIT BANK 2.65% 08MAR2023 (807.64) 0.00 (6,536.33) 2,429.17 13,250.00 31331K3A6 FEDERAL FARM CREDIT BANK 2. 71 % 13DEC2022 (698.01) 0.00 (4,624.03) 2,484.17 0.00 3133EJ2B4 FEDERAL FARM CREDIT BANK 3% 06DEC2023 (2,151.46) 0.00 (13,365.51) 2,750.00 0.00 31331KAF7 FEDERAL FARM CREDIT BANK 4.09% 18JAN2023 (3,890.00) 0.00 (12,893.78) 6,935.96 0.00 3130AL2A1 FEDERAL HOME LOAN BANK 0.5% 1 0FEB2025 (CALLABLE 1 OMA Y22) 0.00 0.00 (20,191.49) 458.33 0.00 3130AJ7E3 FEDERAL HOME LOAN BANK 1.375% 17FEB2023 (220.65) 0.00 (7,284.68) 1,527.78 0.00 3130A3VC5 FEDERAL HOME LOAN BANK 2.25% 08DEC2023 (278.98) 0.00 (14,179.1 5) 2,062.50 0.00 313378CR0 FHLB CONS BD 2.25 03-11-2022 (43.61) 0.00 (1,294.92) 1,625.00 22,500.00 3137EAEN5 FREDDIE MAC 2.75% 19JUN2023 (1,440.26) 0.00 (20,068.78) 5,041 .66 0.00 Total Government Agencies (13,060.31) 0.00 (272,038.55) 51,136.18 53,125.00 Government Bonds
91282CBEO USA TREASURY 0.125% 1 SJAN2024 362.03 0.00 (25,085.95) 203.39 0.00 20 May 3, 2022, Item #7
DETAIL OF RETURN AND INTEREST RECEIVED
CITY OF POWAY
For the period March 1 , 2022 - March 31 , 2022
N
0\
acusip Description Accretion Realized gain Change in fair Interest earned Interest received w (amortization) (loss) value ...
Government Bonds
91282CAX9 USA TREASURY 0.125% 30NOV2022 982.14 0.00 (3,984.38) 144.23 0.00 91282CAG6 USA TREASURY 0.125% 31 AUG2022 676.84 0.00 (1 ,256.70) 142.67 0.00 91282CACS USA TREASURY 0.125% 31 JUL2022 583.83 0.00 (709.81) 145.03 0.00 91282CCN9 USA TREASURY 0.125% 31JUL2023 686.74 0.00 (11 ,375.00) 139.16 0.00 91282CAR2 USA TREASURY 0.125% 31 OCT2022 852.09 0.00 (3,203.14) 145.03 0.00 91282CDA6 USA TREASURY 0.25% 30SEP2023 702.84 0.00 (15,703.13) 319.37 1,875.00 912828201 USA TREASURY 1.375% 31 AUG2023 677.93 0.00 (20,859.38) 2,316.58 0.00 912828YH7 USA TREASURY 1.5% 30SEP2024 (873.86) 0.00 (21 ,054.69) 1,277.47 7,500.00 912828YM6 USA TREASURY 1.5% 31 OCT2024 (879.86) 0.00 (23,761.72) 1,412.99 0.00 912828T91 USA TREASURY 1.625% 31 OCT2023 (1 ,683.87) 0.00 (19,500.00) 2,226.51 0.00 912828XW5 USA TREASURY 1.75% 30JUN2022 41 .35 0.00 (1 ,057.75) 1,498.62 0.00 912828L57 USA TREASURY 1.75% 30SEP2022 15.21 0.00 (2,265.62) 1,490.38 8,750.00 912828YY0 USA TREASURY 1.75% 31 DEC2024 (1,111.42) 0.00 (23,710.93) 1,498.62 0.00 912828X70 USATREASURY2%30APR2024 (665.76) 0.00 (35,703.12) 3,425.41 0.00 912828U57 USA TREASURY 2.125% 30NOV2023 (499.11) 0.00 (25,679.69) 3,438.53 0.00 9128285P1 USA TREASURY 2.875% 30NOV2023 (2,186.80) 0.00 (16,199.21) 2,693.34 0.00 Total Government Bonds (2,319.68) 0.00 (251,110.22) 22,517.33 18,125.00 21 May 3, 2022, Item #7
TRANSACTION REPORT
CITY OF POWAY
For the period March 1, 2022 - March 31, 2022
N ......
arrade date Cusip Transaction Sec type Description Maturity Par value or Realized Principal Interest Transaction total wsettle date shares gain(loss)
-03/04/2022 17275RAN2 Income Corporate Bonds CISCO SYSTEMS INC 3.625% 03/04/2024 1,000,000.00 0.00 0.00 18,125.00 18,125.00 03/04/2022
03/05/2022 06051 GHF9 Income Corporate Bonds BANK OF AMERICA CORP 3.55% 03/05/2024 2,350,000.00 0.00 0.00 41,712.50 41,712.50 03/05/2022
03/08/2022 3133EJFKO Income Government Agencies FEDERAL FARM CREDIT BANK 03/08/2023 1,000,000.00 0.00 0.00 13,250.00 13,250.00 03/08/2022
03/09/2022 3130AJ7E3 Bought Government Agencies FEDERAL HOME LOAN BANK 02/17/2023 2,000,000.00 0.00 (2,003,400 .00) (1,833.33) (2,005,233.33) 03/11/2022
03/09/2022 3133EMF31 Bought Government Agencies
FEDERAL FARM CREDIT BANK 06/02/2023 2,000,000.00 0.00 (1,968,700.00) (687.50) (1,969,387.50) 03/11/2022
03/09/2022 91282CAC5 Bought Government Bonds USA TREASURY 0.125% 07/31/2022 2,000,000 .00 0.00 (1,996,178.57) (262.43) (1,996,441 .00) 03/10/2022
03/09/2022 91282CAG6 Bought Government Bonds USA TREASURY 0.125% 08/31/2022 2,000 ,000.00 0.00 (1,994,616.08) (67.93) (1,994,684 .01) 03/10/2022
03/09/2022 91282CAR2 Bought Government Bonds
USA TREASURY 0.125% 10/31/2022 2,000,000.00 0.00 (1,990,859.38) (897.79} (1,991,757.17) 03/10/2022
03/09/2022 91282CAX9 Bought Government Bonds USA TREASURY 0.125% 11/30/2022 2,000 ,000.00 0.00 (1,988,125.00) (686.81) (1,988,811.81) 03/10/2022
03/11/2022 313378CRO Income Government Agencies FHLB CONS BO 2.25 03-11-2022 03/11/2022 2,000,000.00 0.00 0.00 22,500.00 22,500 .00 03/11/2022
03/11/2022 313378CRO Capital Change Government Agencies FHLB CONS BO 2.25 03-11-2022 03/11/2022 (2,000,000.00) 0.00 2,000,000 .00 0.00 2,000,000.00 03/11/2022
03/12/2022 3135GOU43 Income Government Agencies FANNIE MAE 2.875% 09/12/2023 1,000,000 .00 0.00 0.00 14,375.00 14,375.00 03/12/2022
03/15/2022 084670BR8 Income Corporate Bonds
BERKSHIRE HATHAWAY INC 03/15/2023 1,000,000.00 0.00 0.00 13,750.00 13,750.00 03/15/2022
03/28/2022 3133EMBE1 Income Government Agencies FEDERAL FARM CREDIT BANK 03/28/2024 2,000,000 .00 0.00 0.00 3,000.00 3,000.00 03/28/2022
03/31/2022 912828L57 Income Government Bonds
USA TREASURY 1.75% 09/30/2022 1,000,000.00 0.00 0.00 8,750.00 8,750.00 03/31/2022
03/31/2022 912828YH7 Income Government Bonds USA TREASURY 1.5% 09/30/2024 1,000,000.00 0.00 0.00 7,500.00 7,500 .00 03/31/2022
03/31/2022 91282CDA6 Income Government Bonds USA TREASURY 0.25% 09/30/2023 1,500,000.00 0.00 0.00 1,875.00 1,875.00 03/31/2022
22 May 3, 2022, Item #7
N
00 TRANSACTION REPORT
For the period March 1, 2022 - March 31, 2022
a Trade date Cusip Transaction Sec type Description Maturity Par value or Realized ~Settle date shares gain(loss)
03/31/2022 Income Cash and Cash Equivalents Cash 0.00 0.00
CITY OF POWAY
Principal Interest Transaction total
0.00 2.02 2.02
23 May 3, 2022, Item #7
ADDITIONAL INFORMATION
CITY OF POWAY
As of March 31, 2022
N \0Past performance is not a guide to future performance. The value of investments and any income from them will fluctuate and is not guaranteed (this may partly be due to exchange rate changes) and investors may not get 0 back the amount invested. Transactions in foreign securities may be executed and settled in local markets. Performance comparisons will be affected by changes in interest rates. Investment returns fluctuate due to changes :in market conditions. Investment involves risk, including the possible loss of principal. No assurance can be given that the performance objectives of a given strategy will be achieved. The information contained herein is for ...a.your reference only and is being provided in response to your specific request and has been obtained from sources believed to be reliable; however, no representation is made regarding its accuracy or completeness . This document must not be used for the purpose of an offer or solicitation in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or otherwise not permitted. This document should not be duplicated, amended, or forwarded to a third party without consent from Insight. This is a marketing document intended for professional clients only and should not be made available to or relied upon by retail clients Investment advisory services in North America are provided through two different SEC-registered investment advisers using the brand Insight Investment: Insight North America LLC (INA) and Insight Investment International Limited (IIIL). The North American investment advisers are associated with a broader group of global investment managers that also (individually and collectively) use the corporate brand Insight Investment and may be referred to as Insight, Insight Group or Insight Investment.
INA is an investment adviser registered with the Securities and Exchange Commission (SEC), under the Investment Advisers Act of 1940, as amended. Registration with the SEC does not imply a certain level of skill or training.
You may request, without charge, additional information about Insight. Moreover, specific information relating to Insights strategies, including investment advisory fees, may be obtained from INA's Form ADV Part 2A, which is available without charge upon request.
Where indicated, performance numbers used in the analysis are gross returns. The performance reflects the reinvestment of all dividends and income . INA charges management fees on all portfolios managed and these fees will reduce the returns on the portfolios. For example, assume that $30 million is invested in an account with INA, and this account achieves a 5.0% annual return compounded monthly, gross of fees, for a period of five years .
At the end of five years that account would have grown to $38,500,760 before the deduction of management fees. Assuming management fees of 0.25% per year are deducted monthly from the account, the value at the end of the five year period would be $38,022,447. Actual fees for new accounts are dependent on size and subject to negotiation . INA's investment advisory fees are discussed in Part 2A of its Form ADV.
Unless otherwise stated, the source of information is Insight. Any forecasts or opinions are Insight's own at the date of this document (or as otherwise specified) and may change. Material in this publication is for general information only and is not advice, investment advice, or the recommendation of any purchase or sale of any security. Insight makes no implied or expressed recommendations concerning the manner in which an account should or would be handled, as appropriate investment strategies depend upon specific investment guidelines and objectives and should not be construed to be an assurance that any particular security in a strategy will remain in any fund, account, or strategy, or that a previously held security will not be repurchased . It should not be assumed that any of the security transactions or holdings referenced herein have been or will prove to be profitable or that future investment decisions will be profitable or will equal or exceed the past investment performance of the securities listed.
Please compare the information provided in this statement to the information provided in the statement received from your Custodian.
For trading activity the Clearing broker will be reflected. In certain cases the Clearing broker will differ from the Executing broker .
In calculating ratings distributions and weighted average portfolio quality, Insight assigns U.S Treasury and U.S agency securities a quality rating based on the methodology used within the respective benchmark index. When Moody's, S&P and Fitch rate a security, Bank of America and Merrill Lynch indexes assign a simple weighted average statistic while Barclays indexes assign the median statistic. Insight assigns all other securities the lower of Moody's and S&P ratings.
Information about the indices shown here is provided to allow for comparison of the performance of the strategy to that of certain well-known and widely recognized indices . There is no representation that such index is an appropriate benchmark for such comparison. You cannot invest directly in an index and the indices represented do not take into account trading commissions and/or other brokerage or custodial costs . The volatility of the indices may be materially different from that of the strategy. In addition, the strategy's holdings may differ substantially from the securities that comprise the indices shown .
The ICE BofA 3 Month UST-Bill index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income .
The ICE Bof A 6 Month UST-Bill index measures the performance of Treasury bills with time to maturity of less than 6 months.
The ICE BofA 1-Year US Treasury Index is a one-security index comprised of the most recently issued 1-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 1-year note must be auctioned on or before the third business day before the last business day of the month .
The ICE BofA 3-Year US Treasury Index is a one-security index comprised of the most recently issued 3-year US Treasury note . The index is rebalanced monthly. In order to qualify for inclusion, a 3-year note must be auctioned on or before the third business day before the last business day of the month.
The ICE BofA 5-Year us Treasury Index is a one-security index comprised of the most recently issued 5-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 5-year note must be auctioned on or before the third business day before the last business day of the month.
The ICE BofA 1-3 us Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than three years.
The ICE BofA 1-5 us Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than five years. 24 May 3, 2022, Item #7
w
0 ADDITIONAL INFORMATION
As of March 31, 2022
CITY OF POWAY
g_1nsight does not provide tax or legal advice to its clients and all investors are strongly urged to consult their tax and legal advisors regarding any potential strategy or investment. w
~Insight is a group of wholly owned subsidiaries ofThe Bank of New York Mellon Corporation . BNY Mellon is the corporate brand ofThe Bank of New York Mellon Corporation and may also be used as a generic term to reference the Corporation as a whole or its various subsidiaries generally. Products and services may be provided under various brand names and in various countries by subsidiaries, affiliates and joint ventures of The Bank of New York Mellon Corporation where authorized and regulated as required within each jurisdiction. Unless you are notified to the contrary, the products and services mentioned are not insured by the FDIC (or by any governmental entity) and are not guaranteed by or obligations ofThe Bank of New York Mellon Corporation or any of its affiliates. The Bank of New York Corporation assumes no responsibility for the accuracy or completeness of the above data and disclaims all expressed or implied warranties in connection therewith . © 2022 Insight Investment. All rights reserved .
25 May 3, 2022, Item #7
w ..a.
0 City of Poway Investments & Cash with Fiscal Agent; Non-Managed Investments; General, Payroll & Petty Cash March 2022
-II
w -t'art I ..a.
~
~ n
:I:
s:: m
z
-4
C
Investments & Cash with Fiscal Astents
INVESTMENT DESCRIPTION
1st Am Gov't Obligations Money Mkt Fd
Average/Total
Paying Agent or Uninvested Cash & DITs
Total Investments and Cash with Fiscal Agent
Non-Managed Investments
INVESTMENT DESCRIPTION
Settlement Yield to Days to % of Total
Date Maturity Maturity Investment
03/31/22 J 0.01%1 11 100.00%1
J I I I
J I I I
) I I I
J 0.01%1 1 I 100.00%1
Part II
Settlement I Yield to I Days to I % of Total I
Date Maturity Maturity Investment
County Pool 03/31/21 I 0.74%1 1 I 100.00%1
I I I
Average /Total
General Cash (Union Bank)
Payroll Cash (Union Bank)
Emergency Cash (Union Bank)
Grant Cash (Union Bank)
Flexible Benefits Cash (Union Bank)
Petty Cash
Total Cash
- I 0.74%1 NIA I 100.00%1
Part Ill
Face
Value
$464,896.00
$464l896.00
Face
Value I
$98, 129.oo 1
j
$98, 129.oo I
Book
Value
$464,896.00
$464,896.00
$0.00
$464,896.00
Book
Value I
$98, 129.oo 1
I
$98, 129.oo I
Book
Value
$1,216,171.00
$20,000.00
$10,000.00
$0.00
$20,000.00
$8l9QQ.QQ
$1,275,071.00
Market
Value
$464,896.00
$464,896.00
Market
Value I
$96, 161.00 1
I
$96, 161.00 I
Unrealized
Gain(Loss)
so.oo J
Unrealized
I Gain(Loss)
($1,968.00) 1
I
($1,968.00) 1